Romanian President Unreservedly Supports Precautionary IMF Agreement

Romania’s President Traian Basescu is an unreserved supporter of an open credit line from the International Monetary Fund, the head of state told Pro TV in an interview Sunday.

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Basescu said Romania wants a precautionary agreement with the Fund and not necessarily a new loan agreement.

Romania and the IMF agreed last spring on a EUR13 billion loan, as part of a larger EUR20 billion aid package that includes funds from the European Commission, the World Bank and other international lenders.

Under the agreement, Romania has pledged to implement a series of measures aimed at increasing economic performance and reducing its budget deficit to below 3% of the gross domestic product in 2012.

Joint teams from the IMF and EU are scheduled to visit the country for the sixth review mission of the loan arrangement on October 20.

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